Posted on 09/08/2008 7:20:21 PM PDT by tomnbeverly
(AP / WASHINGTON) — Democrat Barack Obama says he would delay rescinding President Bush's tax cuts on wealthy Americans if he becomes the next president and the economy is in a recession, suggesting such an increase would further hurt the economy.
Nevertheless, Obama has no plans to extend the Bush tax cuts beyond their expiration date, as Republican John McCain advocates. Instead, Obama wants to push for his promised tax cuts for the middle class, he said in a broadcast interview aired Sunday.
"Even if we're still in a recession, I'm going to go through with my tax cuts," Obama said. "That's my priority."
What about increasing taxes on the wealthy?
"I think we've got to take a look and see where the economy is. I mean, the economy is weak right now," Obama said on "This Week" on ABC. "The news with Freddie Mac and Fannie Mae, I think, along with the unemployment numbers, indicates that we're fragile."
(Excerpt) Read more at time.com ...
Need a PhotoShop of Obummer’s face superimposed on a guy riding a bicycle backwards. He’s backpeddling so fast, he’s going to back over Hillery and Edwards political carcasses again. ;)
If it’ll get me elected, I’ll wear these antlers and drive a 57 DeSoto. I’ll use Richard Nixon’s acceptance speech, or Jimmy Carter’s. I’ll dance on the bar nude. I’ll build a styrofoam temple in a football stadium. Anything. I just want to be your ruler.
I was worried Bill o would act like Larry king with obama but he did a great service and made a fool out of Obama on one of the best ratings night ever for Fox News.
Kudlow had 0bama pegged
Why Not Blame Obama?
The media favorite has a very poor grasp of basic economic principles.
By Larry Kudlow
http://article.nationalreview.com/?q=OTEwYWUxNjY0ZTJmNGY4NjAwYTM4NmJhNWMzZWYxNzc=
But here’s the deal: During the debate, Obama bungled his answers on tax policy, big time. Period. End of sentence. End of story. To my liberal friends in the media, all I can say is: Get over it. Your guy has a very poor grasp of basic economic principles.
First off, you don’t raise taxes during a recession. That’s a no-brainer. Second, doubling the capital-gains tax rate will affect Americans up and down the income ladder, not just rich hedge-fund managers. In addition, capital-gains tax cuts are self-financing, and they stimulate jobs and the economy. You want to raise budget revenues and spark economic growth? Cut the cap-gains tax rate. That’s what history shows.
The Wall Street Journal’s Steve Moore points out that in 2005, almost half of all tax returns reporting capital gains came from households with incomes under $50,000, while more than three-quarters came from households earning less than $100,000.
Obama also proposed uncapping the payroll tax, another blunder that will hit people up and down the income ladder. While Obama pledges tax hikes only for folks earning more that $200,000 a year, his tax hike on payrolls would actually slam middle-income earners. The cap on wages subject to the payroll tax is presently $102,000. By eliminating that cap Obama will be soaking veteran firemen, cops, teachers, and health-service workers, along with a variety of other occupations.
In fact, in America’s largest cities, a firefighter married to a school teacher can earn close to $200,000 filing jointly. So not only will each spouse separately pay more for Social Security and health care under Obama’s plan, together they’ll also be slammed by Obama’s cap-gains tax increase.
This is more than just a failure to understand the Laffer curve.
“fair” he said so himself in the Gibson moderated debate;
Obama’s Tax Evasion
April 18, 2008
http://online.wsj.com/public/article_print/SB120847505709424727.html
Mr. Gibson... “So why raise it at all, especially given the fact that 100 million people in this country own stock and would be affected?”
Mr. Obama answered by citing rich hedge fund managers. Raising the capital gains tax is necessary, he said, “to make sure . . . that our tax system is fair and that we are able to finance health care for Americans who currently don’t have it and that we’re able to invest in our infrastructure and invest in our schools. And you can’t do that for free.”
But Mr. Gibson had noted that higher rates yield less revenue. So the news anchor tried again: “But history shows that when you drop the capital gains tax, the revenues go up?” Mr. Obama responded that this “might happen or it might not. It depends on what’s happening on Wall Street and how business is going.” And then he went on a riff about John McCain and the housing market.
Obama .... was raised as a communist.
I believe he was raised ‘on the welfare’ too, his father abandon the family
75% of the people who got a ‘tax cut’ under Bush are the folks that run small businesses
0bama has no real rate reductions, tax credits are tax cuts in his world
So changing his mind is the “change” we can believe in?
Shoot, comments still disabled.
It’s back on now.. you can comment
How come it only has like 200 views? Strange. I think somehow they are suppressing the anti-Obama videos.
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